Revolving Credit Note. The Revolving Credit Loans made by each Lender shall be evidenced by a promissory note of the Company (individually a “Revolving Credit Note” and, collectively, the “Revolving Credit Notes”), substantially in the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf of the Company and payable to the order of such Lender in a principal amount equal to the Revolving Credit Commitment of such Lender. Each Revolving Credit Note shall (a) be dated the Closing Date, (b) be stated to mature on the Revolving Credit Commitment Termination Date, and (c) bear interest from the date of the first Revolving Credit Loan until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereof. Each Lender is authorized to record the date, Type and amount of each Revolving Credit Loan, the Applicable Currency thereof, and the date and amount of each payment or prepayment of principal of each Revolving Credit Loan in such Lender’s records or on the grid schedule annexed to such Lender’s Revolving Credit Note; provided, however, that the failure of a Lender to set forth each such Revolving Credit Loan, payment and other information shall not in any manner affect the obligation of the Company to repay each Revolving Credit Loan made by such Lender in accordance with the terms of its Revolving Credit Note and this Agreement. The Revolving Credit Note, the grid schedule and the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable error.
Appears in 2 contracts
Sources: Credit Agreement (Veeco Instruments Inc), Credit Agreement (Veeco Instruments Inc)
Revolving Credit Note. The Revolving Credit Loans made by each Lender the Lenders hereunder shall be evidenced by a single promissory note of the Company Borrowers in substantially the form of Exhibit B-1 attached hereto (individually a “the "Revolving Credit Note” and"), collectively, dated as of the “Closing Date and completed with appropriate insertions. The Revolving Credit Notes”), substantially in the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf of the Company and Note shall be payable to the order of such the Agent for the ratable account of each Lender in a principal amount amounts equal to the Total Commitment, or, if less, the aggregate outstanding amount of all Revolving Credit Commitment Loans made by the Lenders hereunder, plus interest accrued thereon, as set forth below. The Borrowers irrevocably authorize the Agent to make or cause to be made, at or about the time of the Drawdown Date of any Revolving Credit Loan or at the time of receipt of any payment of principal or interest on the Revolving Credit Note, an appropriate notation on its Record reflecting the making of such LenderRevolving Credit Loan or (as the case may be) the receipt of such payment and the respective pro-rata allocations to each Lender in accordance with its respective Percentage of the Total Commitment. Each The Agent shall record the outstanding amount of the Revolving Credit Loans on the Record as prima facie evidence of the principal amount thereof owing and unpaid to the Agent for the ratable account of the Lenders, but the failure to record, or any error in so recording, any such amount on the Record shall not limit or otherwise affect the obligations of the Borrowers hereunder or under the Revolving Credit Note to make payments of principal of or interest on the Revolving Credit Note when due. The Revolving Credit Note shall (a) be dated due and payable on the Closing Maturity Date, (b) be stated to mature on provided that the Revolving Credit Commitment Termination DateMaturity Date may, and (c) bear interest from with the date approval of all of the first Revolving Credit Loan until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereof. Each Lender is authorized to record the dateLenders, Type and amount of be extended annually thereafter for each Revolving Credit Loan, the Applicable Currency thereof, and the date and amount of each payment or prepayment of principal of each Revolving Credit Loan in such Lender’s records or on the grid schedule annexed to such Lender’s Revolving Credit Note; provided, however, that the failure of a Lender to set forth each such Revolving Credit Loan, payment and other information shall not in any manner affect the obligation of the Company to repay each Revolving Credit Loan made by such Lender in accordance with next two twelve-month periods following the terms of its Revolving Credit Note and this Agreement. The Revolving Credit Note, the grid schedule and the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable errorMaturity Date.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Dynamics Research Corp), Revolving Credit Agreement (Dynamics Research Corp)
Revolving Credit Note. The Revolving Credit Loans Advances made by each Lender the Bank pursuant to Section 2.2 hereof shall be evidenced by a promissory note of the Company (individually a “Revolving Credit Note” andCompany, collectively, payable to the “Revolving Credit Notes”)order of the Bank, substantially in the form attached hereto as of Exhibit AA-1 hereto, each with blanks appropriately completed, duly executed and delivered on behalf completed (the “Revolving Credit Note”) representing the obligation of the Company to pay the lesser of
(a) the Revolving Credit Commitment or, (b) the aggregate unpaid amount of all Advances made by the Bank plus interest. The Revolving Credit Note shall bear interest on the unpaid principal balance thereof from time to time outstanding at a rate per annum to be elected by the Company in accordance with the notice provisions set forth in Section 2.4 hereof, and in the case of LIBOR Rate Loans for the Interest Periods of one, two, three or six months as therein specified, equal to either (1) the LIBOR Rate plus 0.75%, or (2) the Prime Rate (which interest rate will change when and as the Prime Rate changes). In all cases interest shall be computed on the basis of a 360-day year for actual days elapsed and shall be payable as provided in Section 2.8(a) hereof. After any stated or accelerated maturity, the Revolving Credit Note shall bear interest at the Post Default Rate. The Revolving Credit Note shall be dated the date of this Agreement, be payable to the order of such Lender in a principal amount equal to the Revolving Credit Commitment of such Lender. Each Revolving Credit Note shall (a) be dated the Closing Date, (b) Bank and be stated to mature on the Termination Date. The Bank is hereby irrevocably authorized by the Company to enter on the schedule attached to the Revolving Credit Commitment Termination Date, and (c) bear interest from Note the date of the first Revolving Credit Loan until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereof. Each Lender is authorized to record the date, Type and amount of each Revolving Credit LoanAdvance made by it, the Applicable Currency thereofeach payment thereon, and the date and amount of each payment or prepayment of principal of each Revolving Credit Loan in other information provided for on such Lender’s records or on the grid schedule annexed to such Lender’s Revolving Credit Noteschedule; provided, however, that the failure of a Lender to set forth each make any such Revolving Credit Loan, payment and other information entry with respect to any Advance shall not in any manner limit or otherwise affect the obligation of the Company to repay each the same and, in all events, the principal amount owing by the Company in respect to the Revolving Credit Loan Note shall be the aggregate amount of all Advances made by the Bank less all payments of principal thereon made by the Company. The Bank may attach one or more continuations to such Lender in accordance with schedule as and when required. The aggregate unpaid principal balance of the terms of Advances set forth on the schedule attached to its Revolving Credit Note and this Agreement. The Revolving Credit Note, the grid schedule and the books and records of each Lender shall constitute be presumptive evidence of the information so recorded absent demonstrable errorprincipal amount owing and paid thereon.”
(p) Section 2.6 is deleted and the following is substituted therefor:
Appears in 1 contract
Sources: Revolving Credit and Term Loan Agreement (Hi Tech Pharmacal Co Inc)
Revolving Credit Note. The All Revolving Credit Loans made by each Lender under this Financing Agreement shall be evidenced by by, and repaid with interest in accordance with, a promissory note of the Company (individually a “Revolving Credit Note” andBorrower in substantially the form of Exhibit A hereto, collectively, the “Revolving Credit Notes”), substantially in the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf of the Company and payable to the order of such Lender in a principal amount equal to such Lender's Pro Rata Share of the Revolving Credit Commitment Commitment, payable to such Lender for the account of such Lender. Each Revolving Credit Note shall (a) be dated the Closing Date, (b) be stated its Applicable Lending Office and maturing as to mature principal on the Revolving Credit Commitment Termination Date, and Date (c) bear interest from the date of the first "Revolving Credit Loan until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereofNote"). Each Lender is hereby authorized by the Borrower to record endorse on the dateschedule attached to the Revolving Credit Note held by it the date of making each Revolving Credit Loan, Type and the amount of each Revolving Credit Loan, the Applicable Currency thereof, and type of the date and amount of each payment or prepayment of principal of each Revolving Credit Loan and each Conversion, Continuation and payment of principal amount received by such Lender for the account of its Applicable Lending Office of its Revolving Credit Loans, which endorsement shall, in the absence of manifest error, be conclusive as to the outstanding balance of the Revolving Credit Loans made by such Lender’s records or on the grid schedule annexed to such Lender’s Revolving Credit Note; provided, however, that the failure of a Lender to set forth each make such Revolving Credit Loan, payment and other information shall not in notation with respect to any manner affect the obligation of the Company to repay each Revolving Credit Loan made or Conversion, Continuation or payment shall not limit or otherwise affect the Obligations of the Borrower under this Financing Agreement or the Revolving Credit Note held by such Lender. Each Lender in accordance with the terms agrees that prior to any assignment of its Revolving Credit Note and this Agreement. The it will endorse the schedule attached to its Revolving Credit Note, . All outstanding principal on the grid schedule Revolving Credit Loans shall be due and payable on the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable errorRevolving Credit Commitment Termination Date.
Appears in 1 contract
Sources: Financing Agreement and Guaranty (Arcon Coating Mills Inc)
Revolving Credit Note. The All Revolving Credit Loans made by each Lender under this Financing Agreement shall be evidenced by by, and repaid with interest in accordance with, a promissory note of the Company (individually a “Revolving Credit Note” andapplicable Borrower in substantially the form of Exhibit A hereto, collectively, the “Revolving Credit Notes”), substantially in the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf of the Company and payable to the order of such Lender in a principal amount equal to such Lender's Pro Rata Share of the Revolving Credit Commitment Commitment, payable to such Lender for the account of such Lender. Each Revolving Credit Note shall (a) be dated the Closing Date, (b) be stated its Applicable Lending Office and maturing as to mature principal on the Revolving Credit Commitment Termination Date, and Date (c) bear interest from the date of the first "Revolving Credit Loan until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereofNote"). Each Lender is hereby authorized by each Borrower to record endorse on the dateschedule attached to the Revolving Credit Note of such Borrower held by it the date of making each Revolving Credit Loan, Type and the amount of each Revolving Credit Loan, the Applicable Currency thereof, and type of the date and amount of each payment or prepayment of principal of each Revolving Credit Loan and each Conversion, Continuation and payment of principal amount received by such Lender for the account of its Applicable Lending Office of its Revolving Credit Loans, which endorsement shall, in the absence of manifest error, be conclusive as to the outstanding balance of the Revolving Credit Loans made by such Lender’s records or on the grid schedule annexed to such Lender’s Revolving Credit Note; provided, however, that the failure to make such notation with respect to any Revolving Credit Loan or Conversion, Continuation or payment shall not limit or otherwise affect the Obligations of a the applicable Borrower under this Financing Agreement or the Revolving Credit Note of such Borrower held by such Lender. Each Lender agrees that prior to set forth each any assignment of any of such Revolving Credit Loan, payment and other information shall not in any manner affect Notes it will endorse the obligation of the Company schedule attached to repay each Revolving Credit Loan made by such Lender in accordance with the terms of its Revolving Credit Note and this AgreementNote. The All outstanding principal on the Revolving Credit Note, Loans shall be due and payable on the grid schedule and the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable errorRevolving Credit Commitment Termination Date.
Appears in 1 contract
Revolving Credit Note. The obligation of Borrower to repay the Revolving Credit Loans made by each Lender Loan shall be evidenced by a promissory note of the Company (individually a “Revolving Credit Note” andNote executed by Borrower, collectively, the “Revolving Credit Notes”), substantially in the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf of the Company and payable to the order of such Lender Lender, in a the principal amount equal to of the Revolving Credit Commitment Committed Sum and dated the date of such Lender. Each the making of the Revolving Credit Note Loan. The principal of the Revolving Credit Loan shall (a) be dated the Closing Date, (b) be stated to mature due and payable on the Revolving Credit Commitment Termination Date, and (c) bear interest from the date of the first . The Revolving Credit Loan until paid shall bear interest prior to maturity at a varying rate per annum equal from day to day to the lesser of (a) the maximum rate permitted from day to day by applicable law ("Maximum Rate"), including as to Article 5069-1.04 Vernon's Texas Civil Statutes (and as the same may be incorporated by reference in full other Texas statutes), but otherwise without limitation, that rate based upon the "indicated rate ceiling," or (b) the sum of the Bank One Texas Base Rate in effect from day to day plus one-half of one percent (1/2%), each such change in the rate of interest charged hereunder to become effective, without notice to Borrower, on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereof. Each Lender is authorized to record the date, Type and amount effective date of each Revolving Credit Loan, change in the Applicable Currency thereof, and the date and amount of each payment or prepayment of principal of each Revolving Credit Loan in such Lender’s records or on the grid schedule annexed to such Lender’s Revolving Credit NoteBank One Texas Base Rate; provided, however, that if at any time the failure rate of a Lender to set forth each such Revolving Credit Loaninterest specified in clause (b) preceding shall exceed the Maximum Rate, payment and other information shall not in any manner affect thereby causing the obligation of interest on the Company to repay each Revolving Credit Loan made by such Lender to be limited to the Maximum Rate, then any subsequent reduction in accordance with the terms Bank One Texas Base Rate shall not reduce the rate of its interest on the Revolving Credit Loan below the Maximum Rate until the aggregate amount of interest accrued on the Revolving Credit Loan equals the aggregate amount of interest which would have accrued on the Revolving Credit Loan if the interest rate specified in clause (b) preceding had at all times been in effect. Accrued and unpaid interest on the Revolving Credit Loan shall be due and payable (a) quarterly in arrears, on the 1st day of each successive July, October, January and April commencing on July 1, 1994, until payment in full of the outstanding principal under the Revolving Credit Note and this Agreement. The (b) on the Revolving Credit Note, Termination Date. All past due principal and interest shall bear interest at the grid schedule and the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable errorMaximum Rate.
Appears in 1 contract
Sources: Credit Agreement (Dril-Quip Inc)
Revolving Credit Note. (a) The Revolving Credit Loans made by each the Lender pursuant to Section 2.1 hereof shall be evidenced by a joint and several promissory note of the Company Borrowers substantially in the form of Exhibit “D” hereto with appropriate insertions (individually a the “Revolving Credit Note” and, collectively, the “Revolving Credit Notes”), substantially in the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf of the Company and payable to the order of such the Lender and evidencing the joint and several obligations of the Borrowers to pay to the Lender on the earlier of the Termination Date or the end of the Revolving Loan Period, or earlier, as specified in a principal amount equal to the Revolving Credit Commitment Note or this Agreement, the lesser of such Lender. Each (i) $5,000,000 or (ii) the aggregate unpaid principal amount of all Revolving Credit Note shall (a) be dated Loans made by the Closing DateLender, with interest thereon as hereinafter prescribed in Section 2.4 hereof.
(b) be stated to mature on the Revolving Credit Commitment Termination Date, and (c) bear interest from the The date of the first Revolving Credit Loan until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereof. Each Lender is authorized to record the date, Type and amount of each Revolving Credit Loan, the Applicable Currency thereofbasis for calculating interest with respect thereto, the Interest Period (if any) applicable thereto and the date and amount of each payment or prepayment of principal of each Revolving Credit Loan in such Lender’s records or with respect thereto may be endorsed by the Lender on the grid schedule annexed to such Lender’s and constituting a part of the Revolving Credit Note; provided, however, that . The aggregate unpaid amount of Revolving Credit Loans set forth on such schedule shall be presumed to be the principal amount owing and unpaid thereon. The failure of a the Lender to set forth each make such endorsement on such schedule shall not prejudice the Lender in any way, nor affect its rights hereunder with respect to any Revolving Credit Loan, payment and other information shall not in any manner affect the obligation of the Company to repay each Revolving Credit Loan made by such Lender in accordance with the terms of its Revolving Credit Note and this AgreementLoans or Borrowers’ obligations relating thereto. The Revolving Credit Note shall be dated the date of this Agreement and be stated to mature on the Termination Date or earlier, as specified in the Revolving Credit Note, the grid schedule and the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable error.
Appears in 1 contract
Sources: Credit Agreement (Industrial Enterprises of America, Inc.)
Revolving Credit Note. The Revolving Credit Loans made by each Lender borrowing under Section 4.01(a) above shall be evidenced by a promissory note Revolving Credit Note in the principal amount of $2,500,000 (herein, together with any and all amendments, modifications, renewals, extensions, restatements and substitutions thereof and therefor, collectively called the Company (individually a “"Revolving Credit Note” and, collectively, the “"). The Revolving Credit Notes”)Note shall be in the form set forth in Exhibit D, substantially shall be dated the Closing Date and shall mature on the Maturity Date unless sooner due in accordance with the terms of this Agreement or the Revolving Credit Note. At the time of the initial borrowing under the Revolving Loan, and at each time an additional borrowing shall be requested under said Revolving Loan, or a repayment made in whole or in part, thereon, an appropriate notation thereof shall be entered by Secured Party in its books and records, provided, however, that no borrowing under the Revolving Loan or unpaid balance under the Revolving Credit Note shall exceed the Borrowing Base. The Revolving Credit Note shall bear interest from the date all or any portion thereof shall be disbursed or advanced until maturity at a fluctuating interest rate equal to the Prime Rate on the outstanding principal adjusted every Business Day as may be necessary to correspond with changes in the Prime Rate, payable on the first day of each month (commencing November 1, 1998) on the unpaid principal balance of the Revolving Loan from time to time for the preceding month. All amounts outstanding borrowed under the Revolving Loan, with accrued interest thereon, shall be due and payable on the Maturity Date. Debtor shall advise Secured Party by 2:00 p.m. on any Business Day of the amount and date of any requested borrowing under the Revolving Loan. Upon the performance of all conditions precedent and provided no Event of Default, as described herein shall exist, Secured Party will credit the account of the Debtor with the specific amount of said borrowing. The amount outstanding after each request for a borrowing under the Revolving Loan shall not exceed the Borrowing Base, as reduced by (A) the amount of all advances Secured Party makes to Debtor under the Revolving Loan then remaining unpaid, and (b) all letters of credit, other credits or indulgences Secured Party grants to Debtor under the Revolving Loan from time to time, if any. Debtor shall deliver to Secured Party on a monthly basis or at the time of each requested advance, a borrowing certificate in the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf of the Company and payable to the order of such Lender in a principal amount equal to the Revolving Credit Commitment of such Lender. Each Revolving Credit Note shall (a) be dated the Closing Date, (b) be stated to mature on the Revolving Credit Commitment Termination Date, and (c) bear interest from the date of the first Revolving Credit Loan until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereof. Each Lender is authorized to record the date, Type and amount of each Revolving Credit Loan, the Applicable Currency thereof, and the date and amount of each payment or prepayment of principal of each Revolving Credit Loan in such Lender’s records or on the grid schedule annexed to such Lender’s Revolving Credit Note; provided, however, that the failure of a Lender to set forth each such Revolving Credit Loan, payment and other information shall not in any manner affect the obligation of the Company to repay each Revolving Credit Loan made by such Lender in accordance with the terms of its Revolving Credit Note and this Agreement. The Revolving Credit Note, the grid schedule and the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable error.E.
Appears in 1 contract
Revolving Credit Note. The joint and several obligation of the Borrowers to pay the Revolving Credit Loans made by each Lender Loan, with interest, shall be evidenced by a promissory note (as from time to time extended, amended, restated, supplemented or otherwise modified, the “Revolving Credit Note”) substantially in the form of EXHIBIT B-1 attached hereto and made a part hereof, with appropriate insertions. The Borrowers shall execute and deliver to the Company (individually a Lender on the date hereof the Revolving Credit Note in substitution for and not satisfaction of, the issued and outstanding Revolving Credit Note, and the Revolving Credit Note shall be the “Revolving Credit Note” and, collectively, the “Revolving Credit Notes”), substantially in the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf for all purposes of the Company Financing Documents. The Note being substituted pursuant to this Agreement shall be marked “Replaced” and payable returned to the order Borrowers after the execution of such Lender in a principal amount equal to the Revolving Credit Commitment of such Lender. Each Revolving Credit Note shall (a) be dated the Closing Date, (b) be stated to mature on the Revolving Credit Commitment Termination Date, and (c) bear interest from the date of the first Revolving Credit Loan until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereof. Each Lender is authorized to record the date, Type and amount of each Revolving Credit Loan, the Applicable Currency thereof, and the date and amount of each payment or prepayment of principal of each Revolving Credit Loan in such Lender’s records or on the grid schedule annexed to such Lender’s Revolving Credit Note; provided, however, that the failure of a Lender to set forth each such Revolving Credit Loan, payment and other information shall not in any manner affect the obligation of the Company to repay each Revolving Credit Loan made by such Lender in accordance with the terms of its Revolving Credit Note and this Agreement. The Revolving Credit Note shall be dated as of the Closing Date, shall be payable to the order of the Lender at the times provided in the Revolving Credit Note, and shall be in the grid schedule and the books and records of each Lender shall constitute presumptive evidence principal amount of the information so recorded absent demonstrable errorRevolving Credit Committed Amount. The Revolving Credit Note shall not operate as a novation of any of the Obligations or nullify, discharge, or release any such Obligations under the Existing Financing Agreement or the continuing contractual relationship of the parties hereto in accordance with the provisions of this Agreement. Each of the Borrowers acknowledges and agrees that, if the outstanding principal balance of the Revolving Loan outstanding from time to time exceeds the face amount of the Revolving Credit Committed Amount, the excess shall bear interest at the Post-Default Rate for the Revolving Loan and shall be payable, with accrued interest, ON DEMAND.
Appears in 1 contract
Revolving Credit Note. The Revolving Credit Loans made by each Lender shall be evidenced by a promissory note of (the Company (individually a “"Revolving Credit Note” and, collectively, the “Revolving Credit Notes”"), substantially in the form attached hereto as of Exhibit A, each appropriately completedwith appropriate insertions, duly executed and delivered on behalf of dated the Company and date hereof, payable to the order of such Lender and in a the principal amount equal of the Revolving Credit Commitment. Lender may at any time and from time to time at Lender's sole option attach a schedule (grid) to the Revolving Credit Commitment of such Lender. Each Revolving Credit Note shall (a) be dated the Closing Date, (b) be stated and endorse thereon notations with respect to mature on the Revolving Credit Commitment Termination Date, and (c) bear interest from the date of the first each Revolving Credit Loan until paid in full on specifying the unpaid date and principal amount thereof from time to time outstanding as provided in Section 3.01 hereof. Each Lender is authorized to record the date, Type and amount of each Revolving Credit Loanthereof, the Applicable Currency thereofInterest Period (as defined below) (if applicable), the applicable interest rate and rate option, and the date and amount of each payment or prepayment of principal of each Revolving Credit Loan in such Lender’s records or on the grid schedule annexed and interest made by Borrower with respect to such Lender’s Revolving Credit Note; provided, however, that the failure of a Lender to set forth each such Revolving Credit Loan, payment and other information . Lender's endorsements as well as its records relating to Revolving Credit Loans shall not in any manner affect the obligation be rebuttably presumptive evidence of the Company to repay each outstanding principal and interest on the Revolving Credit Loans, and, in the event of inconsistency, shall prevail over any records of Borrower and any written confirmations of Revolving Credit Loans given by Borrower. The principal of the Revolving Credit Note shall be payable on or before June 30, 2000 ("Initial Maturity Date"), provided, however, Borrower may give to Lender written notice sixty (60) days prior to July 23, 2000 and each annual anniversary thereafter of its intention to renew the Revolving Loan made by and extend the Initial Maturity Date for an additional One year period commencing on July 23, 2000 or such annual anniversary thereafter and ending on the next succeeding annual anniversary of the then current Initial Maturity Date, provided, further, Lender gives its consent to such renewal in accordance writing thirty (30) days prior to each such anniversary data, as applicable (the Initial Maturity Date or extension thereof shall be referred to as the "Maturity Date"). "Closing Date" means the date upon which Borrower executes and delivers this Agreement and complies with the terms of its Revolving Credit Note and Section 6 of this Agreement. The Revolving Credit Note, the grid schedule and the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable error.
Appears in 1 contract
Revolving Credit Note. The obligation of the Borrowers to pay the Revolving Credit Loans made by each Lender Loan, with interest, shall be evidenced by a promissory note of (as from time to time extended, amended, restated, supplemented or otherwise modified, the Company (individually a “"Revolving Credit Note” and, collectively, the “Revolving Credit Notes”), ") substantially in the form of EXHIBIT B-1 attached hereto as Exhibit Aand made a part hereof, each appropriately completed, duly executed with appropriate insertions. The Borrowers shall execute and delivered on behalf of the Company and payable deliver to the order of such Lender in a principal amount equal to on the date hereof the Revolving Credit Commitment of such Lender. Each Note in substitution for and not satisfaction of, the issued and outstanding Revolving Credit Note, and the Revolving Credit Note shall (a) be dated the Closing Date, (b) be stated to mature on the Revolving Credit Commitment Termination Date, and (c) bear interest from the date of the first Revolving Credit Loan until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereof. Each Lender is authorized to record the date, Type and amount of each Revolving Credit Loan, the Applicable Currency thereof, and the date and amount of each payment or prepayment of principal of each Revolving Credit Loan in such Lender’s records or on the grid schedule annexed to such Lender’s "Revolving Credit Note; provided, however, that the failure of a Lender to set forth each such Revolving Credit Loan, payment and other information shall not in any manner affect the obligation " for all purposes of the Company Financing Documents. The Note being substituted pursuant to repay each Revolving Credit Loan made by such Lender in accordance with this Agreement shall be marked "Replaced" and returned to the terms Borrowers after the execution of its Revolving Credit Note and this Agreement. The Revolving Credit Note shall be dated as of the Closing Date, shall be payable to the order of the Lender at the times provided in the Revolving Credit Note, and shall be in the grid schedule and the books and records of each Lender shall constitute presumptive evidence principal amount of the information so recorded absent demonstrable errorRevolving Credit Committed Amount. The Revolving Credit Note shall not operate as a novation of any of the Obligations or nullify, discharge, or release any such Obligations under the Original Financing Agreement or the continuing contractual relationship of the parties hereto in accordance with the provisions of this Agreement. Each of the Borrowers acknowledges and agrees that, if the outstanding principal balance of the Revolving Loan outstanding from time to time exceeds the face amount of the lesser of (a) the Revolving Credit Committed Amount or (b) the then most current Borrowing Base, minus the Term Loan Reserve, the excess shall bear interest at the Post-Default Rate for the Revolving Loan and shall be payable, with accrued interest, ON DEMAND.
Appears in 1 contract
Revolving Credit Note. (a) The obligations of the Borrower to repay the unpaid principal amount of the Revolving Credit Loans made to it by each Lender Bank and to pay interest thereon shall be evidenced in part by a promissory note of the Company Borrower, dated the Closing Date (individually a “"Revolving Credit Note” and, collectively, the “Revolving Credit Notes”"), in substantially in --------------------- the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf of the Company and payable to the order of such Lender in a principal amount equal to Bank with the Revolving Credit Commitment of such Lenderblanks appropriately filled. Each executed Revolving Credit Note shall (a) be dated delivered by the Borrower to the Administrative Agent on behalf of each Bank on the Closing Date, and the Administrative Agent shall promptly send such Revolving Credit Notes to the Banks.
(b) be stated Each Bank is hereby irrevocably authorized by the Borrower to mature enter on the schedule attached to its Revolving Credit Commitment Termination Date, and (cNote(s) bear interest from the date of the first Revolving Credit Loan until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereof. Each Lender is authorized to record the date, Type and amount interest rate or rates of each Revolving Credit LoanLoan made by it thereunder, the Applicable Currency thereofeach payment thereon, and the date and amount of each payment or prepayment of principal of each Revolving Credit Loan in other information provided for on such Lender’s records or on the grid schedule annexed to such Lender’s Revolving Credit Noteschedule; provided, however, that the failure of a Lender to set forth each make any such Revolving Credit Loan, payment and other information entry with respect to any Loan shall not in any manner limit or otherwise affect the obligation of the Company Borrower to repay the same and, in all events, the principal amount owing by the Borrower in respect of each Bank's Revolving Credit Note(s) shall be the aggregate amount of all Loans made by such Bank thereunder less all payments of principal thereon made by the Borrower. Each Bank may attach one or more continuations to such schedule as and when required. The aggregate unpaid principal balances of and the interest rates applicable to the Loans set forth in the schedule attached to each Revolving Credit Note shall be presumptive evidence of the principal amounts owing and unpaid thereon and the interest rates applicable thereto, absent manifest error.
(c) Upon surrender of any Revolving Credit Note at the office designated by the Borrower by reason of the assignment by any Bank of any Revolving Credit Note, Loan made by such Lender or Commitment or portion thereof in accordance with the terms provisions of its Section 9.12, the Borrower shall, at the cost of such Bank, execute and deliver one or more new Revolving Credit Notes of like tenor and of a like aggregate principal amount in the name of the designated holder or holders of such Revolving Credit Note, Loan or Commitment or portions thereof. Upon receipt of written notice from any holder or other evidence reasonably satisfactory to the Borrower of the loss, theft, destruction or mutilation of any Revolving Credit Note held by such holder and, in the case of any such loss, theft or destruction, upon receipt of an unsecured indemnity agreement, or in the case of any such mutilation, upon surrender and this Agreement. The cancellation of any such Revolving Credit Note, the grid schedule Borrower shall, at the cost of such holder, make and the books and records deliver a new Revolving Credit Note, of each Lender shall constitute presumptive evidence like tenor, in lieu of the information lost, stolen, destroyed or mutilated Revolving Credit Note. Any such new Revolving Credit Note or Revolving Credit Notes shall thereafter be considered a Revolving Credit Note or Revolving Credit Notes under this Agreement. Any such new Revolving Credit Note or Revolving Credit Notes shall carry the rights to accrued and unpaid interest which were carried by the Revolving Credit Note or Revolving Credit Notes so recorded absent demonstrable errorexchanged so that neither gain nor loss of interest shall result from any such exchange.
Appears in 1 contract
Sources: Revolving Credit Agreement (Tele Communications Inc /Co/)
Revolving Credit Note. The All Revolving Credit Loans made by each Lender under this Financing Agreement shall be evidenced by by, and repaid with interest in accordance with, a promissory note of the Company (individually a “Revolving Credit Note” andapplicable Borrower in substantially the form of Exhibit A hereto, collectively, the “Revolving Credit Notes”), substantially in the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf of the Company and payable to the order of such Lender in a principal amount equal to the Revolving Credit Commitment of such Lender. Each Revolving Credit Note shall (a) be dated ’s Lender Loan Commitment, payable to such Lender for the Closing Date, (b) be stated account of its Applicable Lending Office and maturing as to mature principal on the Revolving Credit Commitment Termination Date, and Date (c) bear interest from the date of the first “Revolving Credit Loan until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereofNote”). Each Lender is hereby authorized by each Borrower to record endorse on the dateschedule attached to the Revolving Credit Note of such Borrower held by it the unpaid principal balance and type, Type and as of the Closing Date, of each Revolving Credit Loan that constitutes a continuation of an obligation outstanding under the 1999 Agreement as of the Closing Date, the date of making each Revolving Credit Loan, the amount of each Revolving Credit Loan, the Applicable Currency thereof, and type of the date and amount of each payment or prepayment of principal of each Revolving Credit Loan and each Conversion, Continuation and payment of principal amount received by such Lender for the account of its Applicable Lending Office of its Revolving Credit Loans, which endorsement shall, in the absence of manifest error, be conclusive as to the outstanding balance of the Revolving Credit Loans made by such Lender’s records or on the grid schedule annexed to such Lender’s Revolving Credit Note; provided, however, that the failure to make such notation with respect to any Revolving Credit Loan or Conversion, Continuation or payment shall not limit or otherwise affect the Obligations of a the applicable Borrower under this Financing Agreement or the Revolving Credit Note of such Borrower held by such Lender. Each Lender agrees that prior to set forth each any assignment of any of such Revolving Credit Loan, payment and other information shall not in any manner affect Notes it will endorse the obligation of the Company schedule attached to repay each Revolving Credit Loan made by such Lender in accordance with the terms of its Revolving Credit Note and this AgreementNote. The All outstanding principal on the Revolving Credit Note, Loans shall be due and payable on the grid schedule and the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable errorRevolving Credit Commitment Termination Date.
Appears in 1 contract
Revolving Credit Note. The obligation of Borrower to repay the Revolving Credit Loans made by each Lender Loan shall be evidenced by a promissory note of the Company (individually a “Revolving Credit Note” andNote executed by Borrower, collectively, the “Revolving Credit Notes”), substantially in the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf of the Company and payable to the order of such Lender Lender, in a the principal amount equal to of the Revolving Credit Commitment Committed Sum and dated February 14, 1997. The principal of such Lender. Each the Revolving Credit Note Loan shall (a) be dated the Closing Date, (b) be stated to mature due and payable on the Revolving Credit Commitment Termination Date, and (c) bear interest from the date of the first . The Revolving Credit Loan until paid shall bear interest prior to maturity at a varying rate per annum equal from day to day to the lesser of (a) the maximum rate permitted from day to day by applicable law ("Maximum Rate"), including as to Article 5069-1.04 Vernon's Texas Civil Statutes (and as the same may be incorporated by reference in full other Texas statutes), but otherwise without limitation, that rate based upon the "indicated rate ceiling", or (b) the sum of the Bank One Texas Base Rate in effect from day to day plus one- fourth of one percent (1/4%), each such change in the rate of interest charged hereunder to become effective, without notice to Borrower, on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereof. Each Lender is authorized to record the date, Type and amount effective date of each Revolving Credit Loan, change in the Applicable Currency thereof, and the date and amount of each payment or prepayment of principal of each Revolving Credit Loan in such Lender’s records or on the grid schedule annexed to such Lender’s Revolving Credit NoteBank One Texas Base Rate; provided, however, that if at any time the failure rate of a Lender to set forth each such Revolving Credit Loaninterest specified in clause (b) preceding shall exceed the Maximum Rate, payment and other information shall not in any manner affect thereby causing the obligation of interest on the Company to repay each Revolving Credit Loan made by such Lender to be limited to the Maximum Rate, then any subsequent reduction in accordance with the terms Bank One Texas Base Rate shall not reduce the rate of its interest on the Revolving Credit Loan below the Maximum Rate until the aggregate amount of interest accrued on the Revolving Credit Loan equals the aggregate amount of interest which would have accrued on the Revolving Credit Loan if the interest rate specified in clause (b) preceding had at all times been in effect. Accrued and unpaid interest on the Revolving Credit Loan shall be due and payable (a) quarterly in arrears, on the 1st day of each successive April, July, October and January commencing on April 1, 1997, until payment in full of the outstanding principal under the Revolving Credit Note and this Agreement. The (b) on the Revolving Credit Note, Termination Date. All past due principal and interest shall bear interest at the grid schedule Maximum Rate.
1.11 Article III. Article III is hereby amended to delete Section 3.15 through and including Section 3.21.
1.12 Article III. Article III is hereby amended to add thereto the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable error.following Sections:
Appears in 1 contract
Sources: Credit Agreement (Dril-Quip Inc)
Revolving Credit Note. The obligation of Borrower to repay the Revolving Credit Loans made by each Lender Loan shall be evidenced by a promissory note of the Company (individually a “Revolving Credit Note” andNote executed by Borrower, collectively, the “Revolving Credit Notes”), substantially in the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf of the Company and payable to the order of such Lender Lender, in a the principal amount equal to of the Revolving Credit Commitment Committed Sum and dated February 14, 1997. The principal of such Lender. Each the Revolving Credit Note Loan shall (a) be dated the Closing Date, (b) be stated to mature due and payable on the Revolving Credit Commitment Termination Date, and (c) bear interest from the date of the first . The Revolving Credit Loan until paid shall bear interest prior to maturity at a varying rate per annum equal from day to day to the lesser of (a) the maximum rate permitted from day to day by applicable law ("Maximum Rate"), including as to Article 5069-1.04 Vernon's Texas Civil Statutes (and as the same may be incorporated by reference in full other Texas statutes), but otherwise without limitation, that rate based upon the "indicated rate ceiling", or (b) the sum of the Bank One Texas Base Rate in effect from day to day plus one- fourth of one percent (1/4%), each such change in the rate of interest charged hereunder to become effective, without notice to Borrower, on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereof. Each Lender is authorized to record the date, Type and amount effective date of each Revolving Credit Loan, change in the Applicable Currency thereof, and the date and amount of each payment or prepayment of principal of each Revolving Credit Loan in such Lender’s records or on the grid schedule annexed to such Lender’s Revolving Credit NoteBank One Texas Base Rate; provided, however, that if at any time the failure rate of a Lender to set forth each such Revolving Credit Loaninterest specified in clause (b) preceding shall exceed the Maximum Rate, payment and other information shall not in any manner affect thereby causing the obligation of interest on the Company to repay each Revolving Credit Loan made by such Lender to be limited to the Maximum Rate, then any subsequent reduction in accordance with the terms Bank One Texas Base Rate shall not reduce the rate of its interest on the Revolving Credit Loan below the Maximum Rate until the aggregate amount of interest accrued on the Revolving Credit Loan equals the aggregate amount of interest which would have accrued on the Revolving Credit Loan if the interest rate specified in clause (b) preceding had at all times been in effect. Accrued and unpaid interest on the Revolving Credit Loan shall be due and payable (a) quarterly in arrears, on the 1st day of each successive April, July, October and January commencing on April 1, 1997, until payment in full of the outstanding principal under the Revolving Credit Note and this Agreement. The (b) on the Revolving Credit Note, Termination Date. All past due principal and interest shall bear interest at the grid schedule and Maximum Rate.
1.8 Article III. Article III is hereby amended to substitute the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable error.following for Article III in its entirety: Term Loan ---------
Appears in 1 contract
Sources: Credit Agreement (Dril-Quip Inc)
Revolving Credit Note. The Each Revolving Credit Loans made by each Lender Loan shall be in ---------------------- the minimum principal amount of $100,000.00, and in minimum increased multiples of $25,000.00 (except that, if any requested borrowing would exhaust the remaining available Initial Commitment or Net Revolving Loan Commitment, as the case may be, such borrowing may be in an amount equal to the amount of the remaining available Initial Commitment or Net Revolving Loan Commitment). Each Revolving Credit Loan shall be evidenced by a promissory note of the Company (individually a “Revolving Credit Note” and, collectively, the “Revolving Credit Notes”), substantially in the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf of the Company and payable to the order of such Lender in a principal amount equal to the Revolving Credit Commitment Note of such Lenderthe Borrower. Each The Revolving Credit Note shall (a) be dated the Closing Date, (b) date hereof and be stated to in the principal amount of the Initial Commitment and shall mature on the Second Conversion Date, at which time the entire outstanding principal balance and all interest thereon shall be due and payable. The Revolving Credit Commitment Termination Date, Note shall be entitled to the benefits and (c) bear interest from subject to the date provisions of this Agreement. At the time of the first Revolving Credit Loan until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereof. Each Lender is authorized to record the date, Type and amount of each Revolving Credit Loan, the Applicable Currency thereof, and the date and amount of each payment or prepayment of principal making of each Revolving Credit Loan in such Lender’s records or and at the time of each payment of principal thereon, the holder of the Revolving Credit Note is hereby authorized by the Borrower to make a notation on the grid schedule annexed to such Lender’s the Revolving Credit Note; providedNote of the date and amount, howeverand the type and Interest Period of the Revolving Credit Loan or payment, that as the failure case may be. Failure to make a notation with respect to any Revolving Credit Loan shall not limit or otherwise affect the obligation of a Lender the Borrower hereunder or under the Revolving Credit Note with respect to set forth each such Revolving Credit Loan, and any payment and other information shall not in any manner affect of principal on the obligation of the Company to repay each Revolving Credit Loan made by such Lender in accordance with the terms of its Revolving Credit Note and this Agreement. The Revolving Credit Note, by the grid schedule and Borrower shall not be affected by the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable errorfailure to make a notation thereof on said schedule.
Appears in 1 contract
Sources: Loan Agreement (Firecom Inc)
Revolving Credit Note. The Revolving Credit Loans made by each Lender the Bank to the Borrower pursuant to Section 2.1 hereof shall be evidenced by a promissory note of the Company Borrower substantially in the form of Exhibit A hereto with appropriate insertions (individually a the “Revolving Credit Note” and, collectively, the “Revolving Credit Notes”), substantially in the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf of the Company and payable to the order of such Lender in a the Bank and representing the obligation of the Borrower to pay the lesser of (a) the amount of the Commitment, or (b) the aggregate unpaid principal amount equal of all Revolving Credit Loans made by the Bank to the Revolving Credit Commitment of such LenderBorrower, with interest thereon as hereinafter prescribed. Each The Revolving Credit Note shall (ai) be dated the Closing Datedate hereof, (bii) be stated to mature on the Revolving Credit Commitment Termination Date, Date and (ciii) bear interest from the date of the first Revolving Credit Loan until paid in full on with respect to the unpaid principal amount balance thereof from time to time outstanding at a rate per annum to be elected by the Borrower in accordance with the notice provisions set forth in Section 2.3 hereof, and, in the case of Libor Rate Loans, for the Interest Period therein specified, equal to (y) 3.25% in excess of the Libor Rate, or (z) .50% in excess of the Prime Rate. All computations of interest under this Agreement shall be made on the basis of a three hundred sixty (360) day year and the actual number of days elapsed. In all cases, interest shall be payable as provided in Section 3.01 2.9(a) hereof, subject to Section 10.13 hereof. Each Lender is authorized to record After any stated or accelerated maturity, the date, Type and amount of each Revolving Credit LoanNote shall bear interest at the rate set forth in Section 2.9(c) hereof, subject to Section 10.13 hereof.”
(D) Exhibit A of the Agreement is hereby amended by deleting same and substituting therefor Exhibit A annexed hereto.
(E) Except as amended herein, all other provisions of the Agreement shall remain in full force and effect, and are hereby ratified.
3. The Bank and the Borrower agree that as of May 5, 2011, the Applicable Currency thereofaggregate outstanding principal amount of: (i) the Revolving Credit Loans as evidenced by the Revolving Credit Note is $4,000,000.00, and interest has been paid through May 1, 2011.
4. The Borrower hereby represents and warrants to the Bank that:
(a) Each and every of the representations and warranties set forth in the Agreement is true as of the date hereof and amount of each payment or prepayment of principal of each Revolving Credit Loan in such Lender’s records or with the same effect as though made on the grid schedule annexed to such Lender’s Revolving Credit Notedate hereof, and is hereby incorporated herein in full by reference as if fully restated herein in its entirety; provided, however, that the failure December 31, 2006 date in Section 3.1 of the Agreement shall be deemed to be December 31, 2010, and the March 31, 2007 date in Section 3.1 of the Agreement shall be deemed to be March 31, 2011.
(b) No Default or Event of Default and no event or condition which, with the giving of notice or lapse of time or both, would constitute such a Lender Default or Event of Default, now exists or would exist after giving effect hereto.
(c) There are no defenses or offsets to the Borrower's obligations under the Agreement, the Notes or the Loan Documents or any of the other agreements in favor of the Bank referred to in the Agreement.
5. It is expressly understood and agreed that all collateral security for the Loans and other extensions of credit set forth each such Revolving Credit Loan, payment in the Agreement prior to the amendment provided for herein is and shall continue to be collateral security for the Loans and other information shall not extensions of credit provided in any manner affect the obligation of Agreement as herein amended, including (without limitation) Borrower’s obligations under the Company to repay each Revolving Credit Loan made by such Lender Master Agreement, except those receivables sold in accordance with Section 7.7 of the terms Agreement as amended herein. Without limiting the generality of the foregoing, the Borrower hereby absolutely and unconditionally confirms that each document and instrument executed by the Borrower pursuant to the Agreement continues in full force and effect, is ratified and confirmed and is and shall continue to be applicable to the Agreement (as herein amended).
6. The amendments set forth herein are limited precisely as written and shall not be deemed to (a) be a consent to or a waiver of any other term or condition of the Agreement or any of the documents referred to therein, or (b) prejudice any right or rights which the Bank may now have or may have in the future under or in connection with the Agreement or any documents referred to therein. Whenever the Agreement is referred to in the Agreement or any of the instruments, agreements or other documents or papers executed and delivered in connection therewith, it shall be deemed to mean the Agreement as modified by this Amendment.
7. The Borrower agrees to pay on demand, and the Bank may charge any deposit or loan account(s) of the Borrower, all expenses (including reasonable attorney’s fees) incurred by the Bank in connection with the negotiation and preparation of the Agreement as amended hereby.
8. This Amendment shall become effective on such date as all of the following conditions shall be satisfied retroactive to the date hereof:
(a) The Bank shall have received four (4) executed, original counterparts of this Amendment together with the original, executed Amended and Restated Revolving Credit Note.
(b) The Bank shall have received updated UCC searches of the Borrower, a current Good Standing Certificate for the Borrower from New York State and an opinion of counsel, in each case satisfactory to the Bank and its counsel.
(c) The Bank shall have received four (4) executed counterparts of the Officer's Certificate of the Borrower together with any other action (in form and substance satisfactory to the Bank and its counsel) taken by the Borrower to authorize the execution, delivery and performance of this Amendment and such other documents as the Bank or its counsel may require.
(d) The Bank shall have received (i) a fee with respect to the increase of the Revolving Credit Note in the amount of $15,000.00, and (ii) payment of the fees and disbursements of the Bank’s outside counsel with respect to this AgreementAmendment.
9. The Revolving Credit NoteThis Amendment is dated as of the date set forth in the first paragraph hereof and shall be effective (after satisfaction of the conditions set forth in paragraph 8 above) on the date of execution by the Bank retroactive to such date.
10. This Amendment may be executed in counterparts, the grid schedule each of which shall constitute an original, and each of which taken together shall constitute one and the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable errorsame agreement.
Appears in 1 contract
Revolving Credit Note. The Revolving Credit Loans made by each Lender the Bank --------------------- pursuant to Section 2.2 hereof shall be evidenced by a promissory note of the Company (individually a “Revolving Credit Note” andCompany, collectively, payable to the “Revolving Credit Notes”)order of the Bank, substantially in the form attached hereto as of Exhibit AA hereto, each with blanks appropriately completed, duly executed and delivered on behalf completed (the "Revolving Credit Note") representing the obligation of the Company to pay the aggregate unpaid amount of all Revolving Credit Loans made by the Bank plus interest. The Revolving Credit Note shall bear interest on the unpaid principal balance thereof from time to time outstanding at a rate per annum to be elected by the Company in accordance with the notice provisions set forth in Section 2.5 hereof, and in the case of LIBOR Rate Loans for Interest Periods of 1, 2 or 3 months as therein specified, equal to either (1) the LIBOR Rate plus 2.00% or (2) the Prime Rate. The Revolving Credit Note shall be dated the date of this Agreement, be payable to the order of such Lender in a principal amount equal to the Revolving Credit Commitment of such Lender. Each Revolving Credit Note shall (a) be dated the Closing Date, (b) Bank and be stated to mature on the Termination Date. The Bank is hereby irrevocably authorized by the Company to enter on the schedule attached to the Revolving Credit Commitment Termination Date, and (c) bear interest from Note the date of the first Revolving Credit Loan until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereof. Each Lender is authorized to record the date, Type and amount of each Revolving Credit LoanLoan made by it, the Applicable Currency thereofeach payment thereon, and the date and amount of each payment or prepayment of principal of each Revolving Credit Loan in other information provided for on such Lender’s records or on the grid schedule annexed to such Lender’s Revolving Credit Noteschedule; provided, however, that the failure of a Lender to set forth each make any such entry with respect to any Revolving Credit Loan, payment and other information Loan shall not in any manner limit or otherwise affect the obligation of the Company to repay each Revolving Credit Loan made the same and, in all events, the principal amount owing by such Lender the Company in accordance with respect to the terms of its Revolving Credit Note and this Agreementshall be the aggregate amount of all Revolving Credit Loans made by the Bank less all payments of principal thereon made by the Company. The Bank may attach one or more continuations to such schedule as and when required. The aggregate unpaid principal balance of the Revolving Credit Note, Loans set forth on the grid schedule and attached to the books and records of each Lender Revolving Credit Note shall constitute be presumptive evidence of the information so recorded absent demonstrable errorprincipal amount owing and paid thereon.
Appears in 1 contract
Sources: Revolving Credit and Term Loan Agreement (Netsmart Technologies Inc)
Revolving Credit Note. The All Revolving Credit Loans made by each Lender under this Financing Agreement shall be evidenced by by, and repaid with interest in accordance with, a promissory note of the Company (individually a “Revolving Credit Note” andapplicable Borrower in substantially the form of Exhibit A hereto, collectively, the “Revolving Credit Notes”), substantially in the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf of the Company and payable to the order of such Lender in a principal amount equal to the Revolving Credit Commitment of such Lender. Each Revolving Credit Note shall (a) be dated 's Lender Loan Commitment, payable to such Lender for the Closing Date, (b) be stated account of its Applicable Lending Office and maturing as to mature principal on the Revolving Credit Commitment Termination Date, and Date (c) bear interest from the date of the first "Revolving Credit Loan until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereofNote"). Each Lender is hereby authorized by each Borrower to record endorse on the dateschedule attached to the Revolving Credit Note of such Borrower held by it the date of making each Revolving Credit Loan, Type and the amount of each Revolving Credit Loan, the Applicable Currency thereof, and type of the date and amount of each payment or prepayment of principal of each Revolving Credit Loan and each Conversion, Continuation and payment of principal amount received by such Lender for the account of its Applicable Lending Office of its Revolving Credit Loans, which endorsement shall, in the absence of manifest error, be conclusive as to the outstanding balance of the Revolving Credit Loans made by such Lender’s records or on the grid schedule annexed to such Lender’s Revolving Credit Note; providedPROVIDED, howeverHOWEVER, that the failure to make such notation with respect to any Revolving Credit Loan or Conversion, Continuation or payment shall not limit or otherwise affect the Obligations of a the applicable Borrower under this Financing Agreement or the Revolving Credit Note of such Borrower held by such Lender. Each Lender agrees that prior to set forth each any assignment of any of such Revolving Credit Loan, payment and other information shall not in any manner affect Notes it will endorse the obligation of the Company schedule attached to repay each Revolving Credit Loan made by such Lender in accordance with the terms of its Revolving Credit Note and this AgreementNote. The All outstanding principal on the Revolving Credit Note, Loans shall be due and payable on the grid schedule and the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable errorRevolving Credit Commitment Termination Date.
Appears in 1 contract
Revolving Credit Note. The Revolving Credit Loans made by each Lender shall may be evidenced by a promissory note of the Company (individually a “"Revolving Credit Note” " and, collectively, the “"Revolving Credit Notes”"), substantially in the form attached hereto as Exhibit A, each upon the request of such Lender. Each Revolving Credit Note shall be appropriately completed, duly executed and delivered on behalf of the Company and payable to the order of such requesting Lender in a principal amount equal to the Revolving Credit Commitment of such Lender. Each Revolving Credit Note shall (a) be dated the Closing Date, (b) be stated to mature on the Revolving Credit Commitment Termination Date, and (c) bear interest from the date of the first Revolving Credit Loan thereof until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereof; except that any Revolving Credit Notes issued to an Increasing Lender or an Additional Lender pursuant to Section 2.03 hereof shall be dated the Increased Commitment Date. Each Lender is authorized to record the date, Type and amount of each Revolving Credit Loan, the Applicable Currency thereof, Loan and the date and amount of each payment or prepayment of principal of each Revolving Credit Loan in such Lender’s 's records or on the grid schedule annexed to such Lender’s the Revolving Credit Note; provided, however, that the failure of a Lender to set forth each such Revolving Credit Loan, payment and other information shall not in any manner affect the obligation of the Company to repay each Revolving Credit Loan made by such Lender in accordance with the terms of its Revolving Credit Note and this Agreement. The Revolving Credit Note, the grid schedule and the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable error.
Appears in 1 contract
Revolving Credit Note. The Revolving Credit Loans made by each Lender shall be evidenced by a promissory note of the Company (individually a “Revolving Credit Note” "REVOLVING CREDIT NOTE" and, collectively, the “Revolving Credit Notes”"REVOLVING CREDIT NOTES"), substantially in the form attached hereto as Exhibit A, each appropriately completed, duly executed and delivered on behalf of the Company and payable to the order of such Lender in a principal amount equal to the Revolving Credit Commitment of such Lender. Each Revolving Credit Note shall (a) be dated the Closing Date, (b) be stated to mature on the Revolving Credit Commitment Termination Date, and (c) bear interest from the date of the first Revolving Credit Loan until paid in full on the unpaid principal amount thereof from time to time outstanding as provided in Section 3.01 hereof. Each Lender is authorized to record the date, Type and amount of each Revolving Credit Loan, the Applicable Currency thereof, and the date and amount of each payment or prepayment of principal of each Revolving Credit Loan in such Lender’s 's records or on the grid schedule annexed to such Lender’s 's Revolving Credit Note; providedPROVIDED, howeverHOWEVER, that the failure of a Lender to set forth each such Revolving Credit Loan, payment and other information shall not in any manner affect the obligation of the Company to repay each Revolving Credit Loan made by such Lender in accordance with the terms of its Revolving Credit Note and this Agreement. The Revolving Credit Note, the grid schedule and the books and records of each Lender shall constitute presumptive evidence of the information so recorded absent demonstrable error.
Appears in 1 contract